…Says Nigeria Now Technically Advanced To Produce Over Two Million Barrels Daily
Lucky Obukohwo, Reporting
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has refuted the claims that Nigeria lost N8.41 trillion to oil theft, just as it calls the report as misleading and lacking proper context.
The NUPRC in a statement signed by its spokesperson, Eniola Akinkuotu, said the alleged figures were based on a misinterpretation of crude oil loss data from 2021 to July 2025.
The commission disclosed that daily crude losses have dropped to 9,600 barrels per day, the lowest since 2009, a fact it said was widely reported earlier this month.
According to the commission, the sharp decline is the result of coordinated efforts with the Office of the National Security Adviser, the military, oil operators, and other stakeholders.
“This collaboration through both kinetic and non-kinetic means, dropped oil theft from a staggering 102,900 in 2021, when the Commission was established, to the current 9,600bopd representing over 90% reduction in losses,” it stated.
NUPRC also challenged the methodology used to calculate the losses, noting that an unrealistic exchange rate of N1,500 per dollar was applied to inflate figures. “In reality, Nigeria’s official exchange rate was below N430 and averaged less than N600 per dollar between 2021 and mid-2023,” the commission said.
The agency highlighted its achievements, including meeting OPEC production quotas, conducting metering audits, restoring shut-in strings, increasing rig counts, and creating alternative crude evacuation mechanisms.
It added that Nigeria now has the technical capacity to produce over two million barrels daily, with ongoing efforts to fully unlock the sector’s potential.
“The story also fails the integrity test as no attempt was made by the reporter to get a clarification from the commission in the spirit of fairness and balanced reporting,” NUPRC added.